Overview and Scope
Enhanced oil recovery is the process of extracting oil from the oil field for getting more oil than natural pressure. It is used to increase the ability of oil flow by injecting water, chemicals, or gases into the reservoir.
Sizing and Forecast
The enhanced oil recovery market size has grown strongly in recent years. It will grow from $40.45 billion in 2023 to $44.31 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to depleting conventional reserves, mature oil fields, reservoir understanding, advances in water management, cost reduction efforts..
The enhanced oil recovery market size is expected to see strong growth in the next few years. It will grow to $62.8 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to public awareness and perception, global market expansion, shale oil and gas development, carbon emission concerns, cost efficiency improvements.. Major trends in the forecast period include declining conventional reserves, oil price volatility, environmental regulations, mature oil fields, advanced reservoir characterization..
To access more details regarding this report, visit the link:
https://www.thebusinessresearchcompany.com/report/enhanced-oil-recovery-global-market-report
Segmentation & Regional Insights
The enhanced oil recovery market covered in this report is segmented –
1) By Technology: Thermal EOR, Chemical EOR, Gas EOR, Other Technologies
2) By Chemical: Surfactants, Polymers, Alkaline Chemicals, Alkali-Surfactant-Polymer (ASP) Formulations, Foamers
3) By Application: Onshore, Offshore
North America was the largest region in the enhanced oil recovery market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enhanced oil recovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Intrigued to explore the contents? Secure your hands-on sample copy of the report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=8481&type=smp
Major Driver Impacting Market Growth
The increasing demand for oil and gas is expected to propel the growth of the enhanced oil recovery market going forward. Oil and gas refer to industries that are involved in discovering a resource, transporting to a refinery, and processing it into a finished product. The boom in oil and gas requires more enhanced oil recovery, which would create demand for the market. For instance, according to the U.S. Energy Information Administration, a government agency of the U.S. Federal Statistical System, annual Natural gas plant liquids (NGPLs) production reached a record high of nearly 5.40 million barrels per day in 2021. Therefore, the increasing demand for oil and gas is driving the enhanced oil recovery market.
Key Industry Players
Major companies operating in the enhanced oil recovery market report are British Petroleum PLC, Shell plc, Exxon Mobil Corporation, The PJSC Lukoil Oil Company, Chevron Corporation, Halliburton Company, BASF SE, Baker Hughes Company, Schlumberger Limited, FMC Technologies Inc., Praxair Inc., Petróleo Brasileiro S.A., Cenovus Energy Inc., China Petrochemical Corporation, Husky Energy Inc., Pioneer Natural Resources Company, Apache Corporation, Imperial Oil Limited, Suncor Energy Inc., Canadian Natural Resources Limited, MEG Energy Corp., Encana Corporation, EOG Resources Inc., Anadarko Petroleum Corporation, Noble Energy Inc., Continental Resources Inc., Whiting Petroleum Corporation, Denbury Resources Inc., QEP Resources Inc., Laredo Petroleum Inc.
The enhanced oil recovery market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
.
.
.
27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
Related Report:
https://topprnews.com/automotive-finance-market-forecast/
https://topprnews.com/ball-valves-market-forecast/
https://goodprnews.com/ball-valves-market-analysis/
Explore the trending research reports from TBRC:
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Biomass Pellets Market Overview: The global Biomass Pellets Market was valued at USD 22.51 billion in 2023…
Global Barium Chloride Market Report 2024-2030 Barium Chloride Market Overview: The global Barium Chloride market, valued…
Decorative Concrete Market Overview The global Decorative Concrete Market was valued at USD 18.34 billion in 2023, and it…
Microspheres Market Overview The Microspheres Market is experiencing robust growth and is projected to expand at a CAGR…
The ai-enabled medical imaging solutions global market report 2024 from The Business Research Company provides…
Global Dry Construction Market Report – 2023 to 2030 Market Overview The global dry construction market,…